Kingston Resources Limited - Increase in Contained Gold and Silver at Pearse North

Kingston Resources Limited (ASX: KSN) ('Kingston', or 'The Company') is pleased to announce an updated JORC 2012 Mineral Resource Estimate (MRE) for the Pearse North of 292kt @ 3.2 g/t Au and 34 g/t Ag for 30,000 oz of gold and 318,000 oz of silver.

This update is supported by additional drilling data and final assays from five geotechnical diamond drill holes that were completed in 2023, and refinement of the geological interpretation. In comparison to the 2022 MRE for Pearse North, contained gold and silver has increased 30% and 67% respectively. This update presents a significant opportunity to take advantage of recent momentum in the gold price. Mining at Pearse North is scheduled to commence in the current quarter. Pearse North will be mined as an open pit with an update of the pit optimisation and mine design with this MRE currently underway. Gold and silver production from the Pearse pits is expected to have a material impact on Kingston's balance sheet. Further updates will be provided when the updated mining schedule is finalised. The refurbishment of the processing plant is progressing on time and budget in readiness for treatment of the gold ore from the Pearse deposits.

Kingston Resources Managing Director, Andrew Corbett, comments: 'We are excited about the transition from tailings mining to open pit mining at our Pearse North Project. This shift will allow us to significantly expand our gold production over the coming year, while also increasing operating cash flow. The high-grade nature of the pits and the momentum in the gold price provide a strong backdrop for maximising margins from this highly lucrative resource. The entire technical team has done a fantastic job ensuring the Project has access to high-quality Mineral Resources and Ore Reserves necessary to support a successful Mine Plan.

Pearse Overview Pearse North is one of two shear hosted gold-silver deposits that are located 1.6 km WNW of the Mineral Hill processing plant. Pearse South, located 350m to the SE, was historically mined as an open pit with the existing open pit void, haul roads and waste dump areas remaining intact and accessible. The list of work completed by Kingston on the Pearse open pits since acquiring Mineral Hill in 2022 includes: Resource definition drilling at Pearse North, with results reported in the ASX announcement 28 July 2022). Reporting of an updated Mineral Resource and Ore Reserve for both Pearse North and Pearse South. The completion of four geotechnical diamond drill holes at Pearse North and reporting of preliminary assay results. Reporting of an updated Mineral Resource Estimate for Pearse North using the final assays from the four geotechnical holes (the subject of this announcement). Both Pearse North and Pearse South are scheduled to be mined as open pits with Pearse South being a cut back of the existing pit and Pearse North to be a new pit. The mining, metallurgical and other modifying factors considered to date have been informed by the historical production and processing performance, additional metallurgical test work, and revision of mining, operating and processing costs based on the current mining and processing operations at Mineral Hill.

Mineral Resource

Estimate The Pearse North deposit at Mineral Hill is interpreted to be a stacked set of shear-hosted gold-silver (AuAg) lodes within the Late Silurian to Early Devonian Mineral Hill Volcanics. The sulphide mineralisation, comprising predominantly pyrite, arsenopyrite and stibnite, is typically disseminated within quartz-mica (sericite) schist. Style of mineralisation is consistent between the two deposits. Geological modelling of the mineralisation at Pearse North has been revised, using the significant intercepts from the 2023 geotechnical drill holes. The results showed that the lodes have a steeper dip and greater continuity along strike than previously interpreted.

Drilling methods in the dataset comprise reverse circulation (RC) and diamond core (DDH). Reverse circulation drilling samples were collected at 1m intervals directly from the rig cyclone (with a cone splitter attached). The diamond core was cut and sampled, with half core sample lengths ranging from 0.3m to 1.0m. Samples were analysed at SGS laboratory using Multi element 4-acid digest and gold by Fire Assay technique with an Atomic Absorption Spectrometry (AAS) instrument finish. KSN utilised QAQC in the form of standards, blanks and duplicates to ensure all data was of suitable quality for inclusion in the estimate. No specific metallurgical assumptions were made in the preparation of this MRE.

Revised geometry of mineralised structures was interpreted by creating 3D wireframe models using a 0.5g/t Au lower cutoff (previously 2g/t) that is correlated with geological features that define a mineralised lode at Pearse North, this has led to a better-defined lode model. Grade estimation was undertaken using ordinary kriging estimate methodology into a 3D block model. Classification of the MRE into confidence categories has been completed based on distance to samples and the average slope of regression. Indicated portions have a distance to the nearest sample of 0.7, while Inferred portions have an average distance to samples > 30m and slope of regression < 0.6.

Competent Persons Statement and Disclaimer

The information in this report that relates to Exploration Results and Mineral Resources is based on information compiled by Mr. Stuart Hayward BAppSc (Geology) MAIG, a Competent Person who is a member of the Australian Institute of Geoscientists. Mr. Hayward is an employee of the Company. Mr. Hayward has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr. Hayward confirms that the information in the market announcement provided is an accurate representation of the available data and studies for the material mining project and consents to the inclusion in this report of the matters based upon the information in the form and context in which it appears. The Competent Person signing off on the overall Misima Ore Reserves Estimate is Mr John Wyche BE (Min Hon), of Australian Mine Design and Development Pty Ltd, who is a Fellow of the Australasian Institute of Mining and Metallurgy and who has sufficient relevant experience in operations and consulting for open pit metalliferous mines. Mr Wyche consents to the inclusion in this report of the information pertaining to the Misima Ore Reserve in the form and context in which it appears. The Competent Person signing off on the overall Pearse Opencut Ore Reserves Estimate is Mr John Wyche BE (Min Hon), of Australian Mine Design and Development Pty Ltd, who is a Fellow of the Australasian Institute of Mining and Metallurgy and who has sufficient relevant experience in operations and consulting for open pit metalliferous mines. Mr Wyche consents to the inclusion in this report of the information pertaining to the Pearse Opencut Ore Reserve in the form and context in which it appears.

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